We have rental property income and the property is being managed by a professional management company. They provided me with a year-end statement and there are expenses I am not sure which box to put in.

Hi,

The professional management company charged me a leasing fee. Should I put that under "management and administrative fees"? The condo also has condo fees as well. Should that also be under "management and administrative fees"? We also bought a new dishwasher for the rental property. Should that be under "Maintenance and repairs"? There was a special assessment done before the rental started, but the charge was during the rental timeframe. Can we claim that as an expense as well? If so, should that be under "Maintenance and repairs"? Thanks!

663

Level 3

Apr 4, 2022 9:19:31 AM

The leasing fee and condo fee would be considered as Management and Administrative fees. While the amount paid to buy the dishwasher would be treated as Maintenance and Repairs. On the other hand, the amount which you paid for the special assessment of your property would be counted as Management and Administrative fees.

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We have rental property income and the property is being managed by a professional management company. They provided me with a year-end statement and there are expenses I am not sure which box to put in.